Pre-leasing is one of the most important phases of a newly-built apartment community. It ensures that occupancy goals are met and helps bring awareness to prospective residents. For multifamily properties in the works, a pre-leasing campaign can boost your new development’s visibility and generate sufficient income during the first 30 days of being open.
Here is everything you need to know about pre-leasing a newly built apartment community and how to run a successful pre-leasing campaign.
What is Pre-Leasing?
So, what is pre-leasing? Pre-leasing a newly built apartment allows new residents to apply for an apartment before the community is built or available for viewing. Leasing up your property while it’s under construction is important because, without leases, the cash flow, financing, and longevity of your property could be at risk.
When Does Pre-Leasing Start?
Pre-leasing should start 3 to 4 months in advance of your projected opening day. It’s important to consider possible construction delays and last-minute repairs to apartment buildings, so giving yourself a little wiggle room is key.
Benefits of Pre-Leasing a Newly Built Apartment
You may be wondering, what are the benefits of pre-leasing a newly built apartment community? Here are just a couple to consider:
Immediate Occupancy Upon Completion
Getting the word out early can result in an almost leased-up building on move-in day. Imagine how amazing it would feel to have every single rental unit leased by your opening day.
Quicker Generation of Income
When you pre-lease apartment units, you have the potential to start making money before your property is ready for move-ins through application fees, administration fees, move-in fees, utilities, security deposits, pet fees, parking fees, etc.
How To Run a Successful Pre-Leasing Campaign
Have a multifamily development in the works? Here’s how to run a successful pre-leasing campaign.
Invest in Professional Renderings and Floor Plans
Prospective residents are less likely to sign a lease without first seeing photos of the community. This is where renderings and floor plans come into play. Providing potential residents with realistic renderings and floor plans gives them a clear and detailed view of what their future apartment unit will look like, ultimately easing their hesitation.
Take Plenty of High-Quality Photos
To give future residents a sense of what their new chapter will look like, professional, high-quality photos are necessary. It’s important to capture your community from different vantage points and views from different levels to paint a picture. Sharing photos of a furnished model apartment unit is another great method for helping prospective residents envision their life there.
Create a Sense of Urgency and Excitement with Special Rates
Offer move-in incentives for those who are on the fence about signing a lease. For example, you could offer 1 month of free rent, 2 free months of parking, or $500 off to the first 20 residents who sign a lease. Using special incentives and rates like this helps to give the sense that units will fill up quickly, enticing prospective residents to sign a lease with your community.
Do Tours, If Possible
Once it’s safe, you can offer a sneak peek of the community to prospective residents through hard-hat tours. It’s important to map out a path that avoids construction hazards and do showings of actual units after most of the construction team leaves for the day. You can also offer a video tour to those who prefer a virtual experience.
Set Monthly Goals
Set goals to encourage your leasing team to pre-lease apartment units in your community. These goals can be anything from offering special lease terms to adjusting price points to get that lease signed.
Host and Promote a Grand Opening
When the building is finally ready, get incoming tenants and prospective renters excited by hosting a Grand Opening event. This is an excellent way to show off the apartments, amenity spaces, and the overall lifestyle that comes with living in your community. It can also be a great way to say thank you to those incoming tenants who pre-leased an apartment.
Enlist the Help of Multifamily Marketing Professionals
Enlisting the help of a multifamily marketing agency like Envida can take your pre-leasing campaign to the next level. Our team of multifamily marketing professionals improves your brand awareness through social lead generation, branding & design, ad campaigns, photography, videography, influencers, and local partnerships.
Need Help With Lease-Ups? Envida Can Help
What is pre-leasing? Pre-leasing is a crucial part of the long-term success of your newly-built apartment community. Running a well-executed pre-leasing campaign can help boost awareness, generate new leads, and get more leases signed.
Envida’s multifamily marketing experts can help you pre-lease apartment units just in time for your Grand Opening. We offer customized and hyperlocal real estate marketing services to capture your target market and generate relevant and revenue-generating results in no time. Our ROI-focused marketing campaigns turn leads into leases with the click of a button.